The Apex bank describes its position on Illegal currency conversion

apex bank

The Apex bank (CBN) broadened people’s knowledge of the illicit conversion of currency. The warning was issued by Godwin Emefiele the CBN governor.

The Apex bank governor warned people who are attempting to change the naira to a dollar for campaign purposes. The CBN makes a standpoint that if anyone is caught doing such an act will be prosecuted. The clarification made was necessary due to the attempt to deliberately misquote the governors.

Read More

The Apex bank issued a warning to the political aspirants

The warning made by the Apex bank was an intentional attempt to target the political aspirants who exchange the currency to suit the election needs. It is to be noted that if they are caught, the prosecution will be made. The warning made also goes to individuals who use the currency for electioneering purposes. This act will not be tolerated.

The position of the bank remains valid as their spokesman states that they also frowned at the conduct of illegal movement of funds Inside and outside Nigeria. This action will invoke the necessary provisions of the law. It is better to abstain from such transactions. The CBN director Osita Nwanisobi pinpointed that the clarification made on the warning is deemed necessary. The director said people are already misrepresenting the caution.

The Apex bank justified the naira-dollar conversion

The CBN director explained that the warning was not against those who exchange currencies for reasonable reasons like personal expenses and tuition payments. The naira-dollar exchange legality cannot be proven beyond this point. If anyone is found doing otherwise, he will be prosecuted. The spokesman said the CBN maintains its standpoint on the issue and frowns at anyone doing it.

The bank advises its customers not to participate in such acts as the Central Bank of Nigeria has the discretionary power to curb a person from performing illicit transactions. The spokesman Nwanisobi stated that the Central Bank of Nigeria has the power to squash the excess liquidity in the vaults of its institution.

It will be disgraceful if this justified statement is disannulled by anyone. And at the end, the person meets himself being disgraced within the confinement of the prison. To avoid the deadly action, clear abstinence must be made. The support of the Central bank of Nigeria by Nigerian citizens is paramount to this end.

The Apex bank gives awareness of the naira-dollar exchange

The rising value of the Naira to a dollar is dominant. Dollars are seen to rise above 650 when comparing it to Naira. Currently, there is a doubt of one dollar falling off to 600 Naira.

The awareness given by the Apex bank remains that there is no positive news as to the fall of the dollar. The value of the Naira has dropped significantly. Nwanisobi the CBN spokesman enjoined Nigerians to be patriotic to preserve the value of the currency. He further said that it is the responsibility of the citizen of the country to support the Central bank of Nigeria in this regard.

It is believed that Nigeria is going to be great again but for the main time we must have a positive mindset as to the growth of the country. The ECB increases its interest rate yesterday for the first time in 11 years. This was an attempt to drop the inflation happening in Europe. It is seen recently that the US dollar index hits 108 the maximum score since 2002.

Be the first to comment

Leave a Reply

Your email address will not be published.